United Kingdom: Unum makes further enhancements to its product offering

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Unum regularly reviews its terms and conditions in order to ensure that these fully meet its customers’ needs. As part of its strategy to take a lead role in the group risk market, the company has made further improvements to its product offering.

Some of the latest enhancements to Unum’s products are set out below:

Group life

Maximum free cover / non-medical limit increased to GBP 1.75 millionThe new free cover limit is based on a tiered approach, so that the maximum limit of GBP 1.75 million is now available for larger cases.

“Once & Done” medical underwriting limit increased to GBP 5 millionUnum’s “Once & Done” approach to medical underwriting has now been extended to group life policies above 20 lives, up to a maximum of GBP 5 million per member.

Universal catastrophe limit of GBP 100 millionPreviously, schemes were restricted to either 125% of the total sum assured or GBP 100 million, whichever was the lowest. To further streamline and standardise processes to the benefit of customers, this restriction has now been removed.

The current maximum catastrophe limit of GBP 100 million will be applicable to all standard schemes on reviewable terms, regardless of size. This means that the maximum liability of Unum for a policyholder group with more than one death claim (irrespective of the date and place of death) attributable directly or indirectly to a catastrophe, will amount to GBP 100 million.

Group income protection

Change to maximum benefit levelsThe maximum basic benefit per member is increased from GBP 300,000 to GBP 350,000 a year, and for employer’s pension fund contributions from GBP 50,000 to GBP 75,000 benefit annually.

Four-year limited benefitA limited term benefit payment period of four years will now be available under all disability products.

"Once and done" means that employees who have been medically underwritten and accepted for benefits have future increases in cover approved automatically. This is a major advantage as it dramatically reduces the administrative burden of underwriting for both employers and their highest-earning employees.